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“piercing the corporate veil”

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The decision most relied on for piercing the corporate veil is SumatiDayal v. CIT 214 ITR (207 ITR 89), cited in 40 judgments on BharatTax.

Leading authorities on piercing the corporate veil

SumatiDayal v. CIT 214 ITR
207 ITR 89 · 1994 · High Court
40
citing judgments

Authorities are entitled to pierce the corporate veil to examine the reality of a transaction and to look into surrounding circumstances to determine if it is sham, illusory, a device, or a ruse.

Judgments citing piercing the corporate veil

Religare Finvest Ltd., New Delhi vs. ACIT, Circle- 21(1), New Delhi

In the result, -Appeal in ITA No

ITA 7856/DEL/2017[2014-15]Status: DisposedITAT Delhi13 Jul 2023AY 2014-15

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

nature of CCDs and equity shares. 2.2. That on the facts and circumstances of the case, the CIT(A) erred in lifting/ piercing the corporate veil and holding that a colorable arrangement has been entered into between the assessee and its holding company to evade taxes. Re: Disallowance

ACIT, Circle- 21(1), New Delhi vs. Religare Finvest Ltd., New Delhi

In the result, -Appeal in ITA No

ITA 5202/DEL/2017[2012-13]Status: DisposedITAT Delhi13 Jul 2023AY 2012-13

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

nature of CCDs and equity shares. 2.2. That on the facts and circumstances of the case, the CIT(A) erred in lifting/ piercing the corporate veil and holding that a colorable arrangement has been entered into between the assessee and its holding company to evade taxes. Re: Disallowance

Religare Finvest Ltd., New Delhi vs. DCIT, Circle- 21(1), New Delhi

In the result, -Appeal in ITA No

ITA 4796/DEL/2017[2012-13]Status: PendingITAT Delhi13 Jul 2023AY 2012-13

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

Section 14A

nature of CCDs and equity shares. 2.2. That on the facts and circumstances of the case, the CIT(A) erred in lifting/ piercing the corporate veil and holding that a colorable arrangement has been entered into between the assessee and its holding company to evade taxes. Re: Disallowance

Thr Infrastructure Pte Ltd, Gurgaon vs. DCIT, Cir.-3(1)(1), Intl Tax, New Delhi

In the result, the appeal of the assessee is allowed

ITA 1915/DEL/2022[201-18]Status: DisposedITAT Delhi12 May 2023

Bench: Sh. Saktijit Deydr. B. R. R. Kumar

For Appellant: Sh. Ajay Vohra, Sr. AdvFor Respondent: Sh. Gangadhar Panda, CIT-DR
Section 143(3)

such structures. In the application of a judicial anti avoidance rule, the Revenue may invoke the "substance over form "principle or "piercing the corporate veil" test only after it is able to establish on the basis of the facts and circumstances' surrounding the transaction that the transaction in question

CIT vs. M/S Teletube Electronics Ltd

The appeal of the Assessee is allowed

ITA - 132 / 2002HC Delhi24 Sept 2015
Section 2Section 2(47)Section 260ASection 45Section 50

avoidance as under: “68. ........In the application of a judicial anti-avoidance rule, the Revenue may invoke the “substance over form” principle or “piercing the corporate veil” test only after it is able to establish on the basis of the facts and circumstances surrounding the transaction that the impugned transaction